Ask HN: Best Info for Running own C Corporation | Hacker News Reader

Ask HN: Best Info for Running own C Corporation

5 pointsbuggy_code7 comments

What is the best resource for running a 1 person C corporation? (I'd like to know the rules / regulations / prevent myself from doing things that cause silly mistakes or are blatantly illegal). [I suspect that even if I own 100% of the company, there are still certain regulations.]

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nolo.com has some books on that sort of subject. Since they have a lot of them, the best thing to do is go to your library, look through a bunch, and see which one is best for you, and then consider buying it.

I suggest this book as a background on different corp types and in general the corporate goverance: http://www.amazon.com/Corporations-Examples-Explanations/dp/...

you don't have to read the whole book - a few first chapters will suffice.

All you need to know is get a lawyer.

You'll get more out of having a lawyer, and know more about what you're being advised to do if you get informed first.

disclaimer: dated materials, tax code changes every year, I don't know anything about you or your business, IANAL, yadda yadda

http://www.mbbp.com/resources/business/entity.html

http://www.themoneyalert.com/Corp-Entity-Table.html

http://www.themoneyalert.com/incorporating.html

http://www.themoneyalert.com/businesstypesofownership.html

A C corporation, involving one person, probably doesn't make sense. You probably want a S corp or LLC. In any case, a lawyer is good but I've always gotten my advice from my accountant. The lawyer knows the rules. The accountant knows how the rules affect your money.

A S-Corp is easier to convert to a C-Corp, so if you want to go the VC/IPO direction, but want to start simpler, you might want to start with an S-Corp. http://www.feld.com/wp/archives/2006/02/s-corps-vs-llcs.html

But an LLC is more flexible and generally simpler to start.

If you're looking to build a small profitable company, I'd go LLC. If you're looking for VC money today, go C-Corp. If you're looking to build a profitable company but want VC money in a few years, consider an S-Corp.

Talk to a lawyer and accountant, of course.

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